New-Home Sales Plunge by 9 Percent
Friday December 28, 10:07 am ET
By Jeannine Aversa, AP Economics Writer




New-Home Sales Plunge to Lowest Level in More Than 12 Years
WASHINGTON (AP) -- Sales of new homes plunged last month to their lowest level in more than 12 years, a grim testament to the problems plaguing the housing sector.
The Commerce Department reported Friday that new-home sales tumbled by 9 percent in November from October to a seasonally adjusted annual rate of 647,000. That was the worst showing since April 1995, when the pace of sales was 621,000.